Tony O. Elumelu is chairman of Heirs Holdings and founder of the Tony Elumelu Foundation

Images of refugees attempting to reach Europe through any and all possible means have dominated global media for weeks. Yet recent action by EU leaders to address this crisis, although laudable, in no way addresses the underlying challenges fueling the waves of migrants heading for European shores.

Most of the migrants are refugees from war-torn Syria in the Middle East, but thousands of others are actually from my continent—Africans seeking better economic opportunities. The images of whole families carrying little more than the clothes on their backs trekking through an unforgiving desert and sailing across a perilous sea to reach Europe is juxtaposed against the preeminent narrative of the last decade of “Africa rising.”

What these competing stories about Africa reveal is a continent that is indeed experiencing a surge in economic growth, but growth that is not inclusive and is not creating nearly enough suitable employment opportunities for an exploding population of young people. For example, economists estimate that Africa will create 54 million new jobs by 2020, but 122 million Africans will enter the labor force during that time, leaving tens of millions unemployed, underemployed, and looking far and wide for opportunity.

The only lasting solution to reduce the economic motivation of these migrants is to focus on creating opportunities for Africans at home by empowering local entrepreneurs and businesses to thrive and spread prosperity. I call this “Africapitalism.”

These Photos Show the Massive Scale of Europe's Migrant Crisis

Syrian and Afghan refugees warm themselves and dry their clothes around a fire after arriving on a dinghy from the Turkish coast to the northeastern Greek island of Lesbos, early on Oct. 7, 2015.

Muhammed Muheisen—AP

A migrant who recently arrived across the Mediterranean Sea from Turkey, watching a ferry in the port of Mytilene, Lesbos island, Greece, on Oct. 5, 2015.

Zoltan Balogh—EPA

An Afghan wades to the shore after arriving in an overloaded rubber dinghy on the coast near Skala Sikaminias, Lesbos island, Greece, Oct. 1, 2015.

Filip Singer—EPA

Syrian refugees are covered with life blankets upon arriving to the Greek island of Lesbos, after crossing the Aegean sea from Turkey, on Sept. 28, 2015.

Aris Messinis—AFP/Getty Images

Migrants and refugees arrive on Sykamia beach, west of the port of Mytilene, on the Greek island of Lesbos after crossing the Aegean sea from Turkey, on Sept. 22, 2015.

Iakovos Hatzistavrou—AFP/Getty Images

Migrants and refugees board a train by climbing through the windows as they try to avoid a police barrier at the station in Tovarnik, Croatia, on Sept. 20, 2015.

Manu Brabo—AP

A Syrian refugee boy cries while he and his family try to board a train at the station in Tovarnik, Croatia, on Sept. 20, 2015.

Manu Brabo—AP

A migrant holds his child during a clash with Hungarian riot police at the Horgos border crossing in Serbia, on Sept. 16, 2015.

Sergey Ponomarev—The New York Times/Redux

Migrants sleep on a highway in front of a barrier at the border with Hungary near the village of Horgos, Serbia, on Sept. 16, 2015.

Marko Djurica—Reuters

A wagon equipped with razor wire is placed at the border between Hungary and Serbia in Roszke, some 10 miles southeast from Budapest, Hungary, Sept. 14, 2015, to close the gap of the temporary border fence at the Horgos-Szeged railway line.

Balazs Mohai—EPA

A refugee reacts from exhaustion while swimming towards the shore after a dinghy carrying Syrian and Afghan refugees before reaching the Greek island of Lesbos, on Sept. 13, 2015.

Alkis Konstantinidis—Reuters

Syrian people sleep inside a greenhouse at a makeshift camp for asylum seekers near Roszke, southern Hungary, on Sept. 13, 2015.

Muhammed Muheisen—AP

Syrian refugee Raed Alabdou, 24, holds his one-month old daughter Roa'a, while he and his wife hide in a field not to be seen by Hungarian policemen, after they crossed the Serbian-Hungarian border near Roszke, southern Hungary, on Sept. 11, 2015.

Muhammed Muheisen—AP

Migrants and refugees beg Macedonian police to allow passage to cross the border from Greece into Macedonia during a rainstorm, near the Greek village of Idomeni, on Sept. 10, 2015.

Yannis Behrakis—Reuters

Migrants run over a motorway from a collection point that had been set up to transport people to camps in Morahalom, Hungary, on Sept. 9, 2015.

Dan Kitwood—Getty Images

A young Syrian man from Damascus tries to evade the Hungarian police by sneaking through a forest close to the Serbian border in Morahalom, Hungary, on Sept. 8, 2015.

Dan Kitwood—Getty Images

Migrants cross into Hungary as they walk over railroad tracks at the Serbian border with Hungary in Horgas, Serbia, on Sept. 7, 2015.

Dan Kitwood— Getty Images

A refugee from Syria prays after arriving on the shores of the Greek island of Lesbos aboard an inflatable dinghy across the Aegean Sea from Turkey, on Sept. 7, 2015.

Angelos Tzortzinis—AFP/Getty Images

A migrant scrambles to climb back aboard a rubber dinghy full of his fellow Syrians as they try to cross from Turkey to the Greek islands on their way to claim asylum in the European Union, late on Sept. 6, 2015.

Yuri Kozyrev—NOOR for TIME

A Syrian migrant aboard a flimsy rubber motorboat hands his one-month-old baby to Greek coast guards, who have arrived to rescue the boat full of migrants from dangerous waters near the border between Greece and Turkey, early on Sept. 7, 2015.

Yuri Kozyrev—NOOR for TIME

A young Syrian boy is wrapped with a thermal blanket as he arrives with others at the coast on a dinghy after crossing from Turkey, at the island of Lesbos, Greece, on Sept. 7, 2015.

Petros Giannakouris—AP

Refugees and migrants wait to cross the border from the northern Greek village of Idomeni to southern Macedonia, on Sept. 7, 2015.

Giannis Papanikos—AP

Migrants walk along rail tracks as they arrive to a collection point in the village of Roszke, Hungary, on Sept. 6, 2015.

Marko Djurica—Reuters

Migrant families ride a train from Gevgelija to the Serbian border in Macedonia, on Sept. 4, 2015.

Dan Kitwood—Getty Images

Migrants crowd the bridge of the Norwegian Siem Pilot ship sailing along the Mediterranean sea, on Sept. 2, 2015.

Gregorio Borgia—AP

A Turkish gendarme carries the body of Alan Kurdi, 3, who drowned along with his brother Galip, 5, and their mother, in a failed attempt to sail to the Greek island of Kos, in the coastal town of Bodrum, Turkey, on Sept. 2, 2015.

Reuters

Dozens of refugee families, mostly from Syria, camped near the Keleti train station in Budapest, Hungary on Sept. 2, 2015.

Yuri Kozyrev—NOOR for TIME

A Syrian migrant bids farewell to the Hungarian volunteers who welcomed him upon his arrival in the European Union in Szeged, Hungary on Aug. 30, 2015.

Yuri Kozyrev—NOOR for TIME

A father of a migrants family is arrested by the local police near the village of Roszke on the Hungarian-Serbian border on Aug. 28, 2015.

Attila Kisbender—AFP/Getty Images

Syrian migrants cross under a fence as they enter Hungary at the border with Serbia, near Roszke, on Aug. 27, 2015.

Bernadett Szabo—Reuters

Hungarian soldiers install a wire fence at the border between Hungary and Serbia near Hercegszanto, 115 miles southeast from Budapest, on Aug. 25, 2015.

Tamas Soki—EPA

A little girl from Syria looks out of a bus as the ferry she arrived in is reflected in the bus window at the port of Piraeus, Greece, on Aug. 25, 2015.

Petros Giannakouris—AP

Children cry as migrants waiting on the Greek side of the border break through a cordon of Macedonian special police forces to cross into Macedonia, near the southern city of Gevgelija, The Former Yugoslav Republic of Macedonia on Aug. 21, 2015.

Georgi Licovski—EPA

Gendarmerie attempt to prevent people from entering the Eurotunnel terminal in Coquelles, Calais, France on July 30, 2015.

Rob Stothard—Getty Images

Life vests and a deflated dinghy are seen on a beach on the Greek island of Kos, following the arrival of Afghan immigrants, on May 30, 2015.

Yannis Behrakis—Reuters

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Poverty, political instability and civil war are all powerful “push factors” for migration. Syrians, who account for the largest number of arrivals, have left behind a civil war that has killed more than 200,000 and turned nearly 4 million into refugees. Similarly, a large number of migrants are from the far northern region of Nigeria where the terrorist group Boko Haram has been waging a bloody insurgency.

But migrants from African countries like Eritrea—another large source of migrants—cite economic issues, forced conscription and a repressive government as their reasons for leaving, which means it’s very unlikely they will be allowed to find a new home somewhere in Europe. Other migrants are fleeing from Gambia and Senegal, countries which do not have active conflicts, which means Europe will likely continue to grapple with a flood of illegal migrants even after the Syrian conflict subsides.

European countries must offer refuge or other types of protection to asylum-seekers who can show that they are fleeing war or persecution, under the 1951 Refugee Convention and other EU laws. They are under no such obligation, however, to those looking to improve their prospects. At a time when many European countries are grappling with their own economic problems, accepting economic migrants may be simply unfeasible. This leaves Europe with a choice about whether it will focus only on mitigating the immediate challenge the current wave of migrants present or if a long-term solution will be put in place to stem migration at the source.

In 2014, EU institutions pledged more than $4 billion in development assistance throughout Africa. Germany recently announced it will spend nearly $7 billion on the current wave of refugees requesting resettlement. Just as more development aid is not the answer to Africa’s economic woes, neither is Europe’s willingness to take in more migrants going to stem the tide of humanity amassing on her borders. Going forward, the long-term solution to Europe’s migration challenge is the same solution needed for the millions of Africans still struggling to make ends meet: sustained and inclusive economic growth throughout the continent.

Earlier this year, the Tony Elumelu Foundation committed $100 million to support 10,000 emerging African entrepreneurs across the continent with seed capital, training, mentoring, and networking to help them turn their ideas into viable businesses. This year, of the more than 20,000 applicants to the Tony Elumelu Entrepreneurship Programme, nearly 500 Africans based in 18 different countries outside the continent applied so they could return home to seek economic opportunities in Africa, the flip side of the migrant crisis.

Better opportunities for economic advancement will not only improve the outlook of Africans, but will also deflate a primary motivation behind the thousands of them attempting or contemplating a dangerous and illegal trek to Europe. To effectively accomplish this, let us unleash the potential of Africa’s entrepreneurs and businesses, which will in turn create new companies and good paying jobs which will generate increased tax revenue and more local value addition, driving broad economic development and social wealth creation. This is the essence of Africapitalism.

We need entrepreneurs, politicians, philanthropic foundations, and development organizations working together to solve the unemployment crisis and make Africa an engine of growth. If we are outrun by the employment challenge, Africa will be a drag on global growth and resources for generations to come, and the current tidal wave of Africans attempting illegally migrate to Europe will look like a trickle by comparison.

Africapitalism believes in the inherent ingenuity, commitment to hard work, and desire for self-sufficiency of Africans. It is an economic philosophy that also believes that the African private sector, in cooperation with governments, development institutions, civil society and others, will be the most important source of rising and expanding prosperity in Africa. And it is only once there are more opportunities for Africans in their home countries that Europe will be a less attractive option.

TIME Ideas hosts the world's leading voices, providing commentary on events in news, society, and culture. We welcome outside contributions. Opinions expressed do not necessarily reflect the views of TIME editors.

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